Kelley Susan L. 4

What Happened Susan L. Kelley, a director of Dare Bioscience (DARE), was granted 23,696 restricted stock units (RSUs) on 2026-06-30. The Form 4 reports the acquisition price as $0.00 (total reported value $0) because the RSUs were issued in lieu of cash compensation for board and committee service. Each RSU represents the contingent right to receive one share when the units vest on January 4, 2027.

Key Details

• Transaction date: 2026-06-30; reported on Form 4 filed 2026-07-02.
• Grant: 23,696 RSUs; reported acquisition price $0.00 (total $0).
• Vesting: RSUs vest on January 4, 2027 (per footnote).
• Shares owned after transaction: Not disclosed in this filing.
• Footnote: RSUs issued in lieu of cash compensation for board service; each RSU converts to one share upon vesting.
• Timeliness: Form filed 2026-07-02; the filing does not indicate a late report.

Context RSU grants are a form of compensation, not an open-market purchase or sale, and are commonly used to align directors’ incentives with shareholders. Because these are contingent units that only convert to shares upon vesting, they do not represent immediate selling or buying pressure on the stock. Such awards are routine and do not, by themselves, indicate the insider’s view of the company’s near-term prospects.